As of Monday’s close, Nelson Peltz had already enjoyed a 16% share price increase since the day before he revealed his stake. Ferguson’s sprucing up might have some way to run. CGAThompson writes:
London-listed plumbing products group Ferguson said on Sept. 3 that it would separate its UK business, Wolseley UK, into an independently listed company and that Chief Executive Officer John Martin will step down in November.
U.S. operations boss Kevin Murphy will replace Martin, the company said in a statement, adding that the separation of its Wolseley UK business will help Ferguson focus on North America. The move comes months after activist investor Nelson Peltz's Trian Fund Management acquired an aggregate 6% interest worth 736 million pounds when disclosed in June, saying the company was trading at a discount to its U.S. peers.
As Ferguson will be"wholly focused" on the North America markets following the demerger, the company said it is considering the"most appropriate listing structure" for the group.
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